Jacobs Engineering to Acquire KeyW for $815 Mln

Jacobs Engineering Group (JEC) said pre-market Monday it has agreed to acquire KeyW, a national security provider of advanced engineering and technology solutions, for approximately $815 million, including an estimated $272 million of KeyW net debt.

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The transaction value represents an enterprise value-to-expected 2020 adjusted EBITDA multiple of approximately 10x, assuming full run-rate cost synergies of $15 million, the company said.

Under the terms of the deal, Jacobs will initiate a tender offer to acquire all the outstanding shares of KeyW for $11.25 per share in cash, reflecting a premium of approximately 43% to KeyW’s closing stock price on April 18. The engineering firm will then acquire any remaining shares of KeyW not tendered in the offer through a second-step merger at the same price. The transaction, which was already approved by the boards of both companies, is expected to close by Aug. 31, Jacobs said.

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